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Title

Providing a mathematical framework to deduce the dynamics of the pricing behavior of investors through heterogeneous bias.

مجله بین المللی مالی و حسابداری مدیریت، دوره: 6، شماره: 22
Year: 1400
COI: JR_IJFMA-6-22_006
Language: EnglishView: 53
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Authors

Massoud Karimkhani - Department of Financial Management, Central Tehran Branch , Islamic Azad University, Tehran, Iran.
Gholamreza Zomorodian - Assistant Professor, Department of Business Management, Central Tehran Branch , Islamic Azad University, Tehran, Iran.
Mansoureh Aligholi - Associate Professor, Department of Business Management, Central Tehran Branch , Islamic Azad University, Tehran, Iran.
Mirfeiz fallah shams - Associate Professor of Azad University, Tehran markaz branch, Tehran, Iran
Farhad Hanifi - Assistant Professor, Department of Business Management, Central Tehran Branch , Islamic Azad University, Tehran, Iran

Abstract:

Since investors’ behavioral bias is a relatively vague concept, its accurate definition and measurement are extremely challenging. Furthermore, the common asset pricing models do not take into account the effect of behavioral biases in portfolio assessment. However, the dawn of behavioral finance undermined all the foundations of rational finance yet it did not result in an independent paradigm for explaining the inefficiencies. This concept also led to this major question among the investment advisers: How the advice about buying, maintaining or selling an investment shall be offered based on theories or the immeasurable behavioral biases? Attempts to quantify the biases and use them in the mathematical models became the subject of behavioral finance. Noise is one of the difficulties in finding the dynamism factors of financial market behavior. The chance events that occur round the globe are constantly changing the values but extraction of these chance events from the possible definite forces is difficult. Therefore, this study is an attempt to propose a mathematical model for measuring biases and its application to behavioral optimization in portfolio selection.

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This Paper COI Code is JR_IJFMA-6-22_006. Also You can use the following address to link to this article. This link is permanent and is used as an article registration confirmation in the Civilica reference:

https://civilica.com/doc/1326235/

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Karimkhani, Massoud and Zomorodian, Gholamreza and Aligholi, Mansoureh and fallah shams, Mirfeiz and Hanifi, Farhad,1400,Providing a mathematical framework to deduce the dynamics of the pricing behavior of investors through heterogeneous bias.,https://civilica.com/doc/1326235

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Type of center: Azad University
Paper count: 16,387
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